What is the rate of financing

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Reference no: EM132582022

Question 1: Jake bought an old car from the used car dealer "reliable autos Inc." for a price of $12,000. Jake paid $4,000 down payment and financed the remaining amount with loan for five years and monthly payments of $158.04 at the end of each month. what is the rate of your financing (APR)? what is the effective rate here?

Reference no: EM132582022

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